Which of the Following Statements Is True

question 84

Multiple Choice

Which of the following statements is true?

• A)If the donor does not pay the gift tax, the donee is personally liable for the tax.
• B)When a married couple elects gift splitting, each spouse is potentially liable for 50% of the gift tax.
• C)Gift tax returns are due March 15 in the year following the gift.
• D)Donors can request an automatic extension of time to pay their gift tax even when they don't request to have an income tax extension.

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Definitions:

Half-Siblings

Biological siblings who share one parent in common but not both.

Dizygotic Twins

Also known as fraternal twins, they are two siblings conceived in the same pregnancy but from separate eggs fertilized by separate sperm.

Monozygotic Twins

Identical twins that result from the splitting of a single fertilized egg, sharing the same genetics but potentially differing in environmental factors.

Cystic Fibrosis

A genetic disorder affecting the exocrine glands, leading to the production of abnormally thick mucus, causing issues in the respiratory, digestive, and reproductive systems.